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Mandarini Mandarini
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7 years ago
Davies Corporation is a calendar-year taxpayer that is owned equally by Vivian, Rob, Danny, and Doug Davies. At the close of business on May 31, Rob Davies sells his 25% stock interest to Paula Bryan. Which of the following statements about the S election is correct?
A) Paula must consent to the S election, otherwise the election terminates at the close of business on May 31.
B) A new S election form must be filed by June 30 of the same year, with all shareholders consenting to the election. If a new S election is not filed, the election terminates on June 30 of that year.
C) Paula has 30 days to terminate the S election, otherwise the election remains in place for the entire year and all subsequent years.
D) None of the above statements are correct.
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Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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genflynngenflynn
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7 years ago
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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Mandarini Author
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7 years ago
Good timing, thanks!
terriroberts96
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Yesterday
Thanks
dearsophia21
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2 hours ago
You make an excellent tutor!
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